As the oldest of the Seven Wonders of the Ancient World, the Great Pyramids of Giza in Egypt, is a huge tourist attraction. The Egyptian Government decides to grant one person, called Rajmund, exclusive access to the pyramids so he can conduct tours. Each tour costs him $108 to conduct (ie: his marginal cost is constant at $108/tour). Below is a table of potential prices he could charge and the corresponding quantities. Price ($/tour) 200 180 162 144 130 122 Quantity (tours) 2 4 6 9 12 14 Although Rajmund can exert monopoly power, he decides he will set a price of $130 per tour (without consulting any economic concepts). Answer the following questions: a. What is Rajmund's marginal revenue when the price is $130 per tour? Answer to the nearest whole number (with no decimal places). $ /tour. b. At $130 per tour, should Rajmund decrease or increase the number of tours to maximise profit? . Type D for Decrease or I for Increase. c. What price per tour should Rajmund be charging in order to maximise profit? Answer to the nearest number (with no decimal places). $ /tour.

As the oldest of the Seven Wonders of the Ancient World, the Great Pyramids of Giza in Egypt, is a huge tourist attraction. The Egyptian Government decides to grant one person, called Rajmund, exclusive access to the pyramids so he can conduct tours. Each tour costs him $108 to conduct (ie: his marginal cost is constant at $108/tour). Below is a table of potential prices he could charge and the corresponding quantities. Price ($/tour) 200 180 162 144 130 122 Quantity (tours) 2 4 6 9 12 14 Although Rajmund can exert monopoly power, he decides he will set a price of $130 per tour (without consulting any economic concepts). Answer the following questions: a. What is Rajmund's marginal revenue when the price is $130 per tour? Answer to the nearest whole number (with no decimal places). $ /tour. b. At $130 per tour, should Rajmund decrease or increase the number of tours to maximise profit? . Type D for Decrease or I for Increase. c. What price per tour should Rajmund be charging in order to maximise profit? Answer to the nearest number (with no decimal places). $ /tour.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

dont't provide handwritten solution ...

As the oldest of the Seven Wonders of the Ancient World, the Great Pyramids of
Giza in Egypt, is a huge tourist attraction. The Egyptian Government decides to
grant one person, called Rajmund, exclusive access to the pyramids so he can
conduct tours. Each tour costs him $108 to conduct (ie: his marginal cost is
constant at $108/tour). Below is a table of potential prices he could charge and
the corresponding quantities.
Price
($/tour)
200
180
162
144
130
122
Quantity
(tours)
2
4
6
9
12
14
Although Rajmund can exert monopoly power, he decides he will set a price of
$130 per tour (without consulting any economic concepts).
Answer the following questions:
a. What is Rajmund's marginal revenue when the price is $130 per tour?
Answer to the nearest whole number (with no decimal places). $
/tour.
b. At $130 per tour, should Rajmund decrease or increase the number of tours
to maximise profit?
Type D for Decrease or I for
Increase.
c. What price per tour should Rajmund be charging in order to maximise
profit? Answer to the nearest number (with no decimal places). $
/tour.

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